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You Need to Know, November 2024

Writer's picture: S. HoytS. Hoyt

November Home Sales Insights & Numbers; Raleigh, Wake County NC.



1. I met with many very experienced and successful agents in Las Vegas, Raleigh, and Detroit in November. Agents that heavily rely on their "Sphere of Influence" (read friends and family) for business.


The #1 Was a Tad Optimistic Pre-Season
The #1 Was a Tad Optimistic Pre-Season


We enjoyed coffees, lunches, breakfasts and catching up until they inevitably asked my where I thought the industry was going. They all looked at me with disgust and denial, like I had diagnosed them with an incurable disease. 



Everyone of them told me how amazing the market is and their clients are still paying high commissions and not complaining. They then got angry about all the "yahoos", "incompetent agents", "part timers" and "super teams for full of idiots" that are ruining the industry (their words, not mine). Then they told me how if they could just simplify all the paperwork around new commission rules it would be ok. They then asked me how certain I was about the future, and shook my hand ( probably for the last time) and left. 



The industry has changed, will continue to evolve in the next 365 days. Shockingly most agents and companies are very busy defending their commissions, not improving service offerings, adding certainty or even admitting there is room for improvement. Granted this qualitative data from interactions with 15 top agents and there are 1.4mm others. But I did feel this was worth a mention.



2. Raleigh average home prices approached $600,000.00 in November. 


The average sales price was $595,626.00 up from $564,956.00 a year ago. Median Price increased $19,000 to $479,900.



3. 1157 homes sold in Raleigh in November down from 1215 in November 2023. The market is fascinating right now, 799 existing homes sold in November, 154 in the first weekend, 94 mentioned they had competing offers (I would guess this higher). This is very impactful from a strategic point of view, and seriously shows demand and market power. Theoretically these 94 homes sold with competing offers generated nearly $13,000,000.00 in optional buyer agent commission. Would you pay 2.5% of your sales price to the buyers agent if the market generated that buyer in 96 hours?



4. Showing are up to 589 daily showings vs. 482 November 2023.



This market is driven by exceptional properties and agents. The average properties and agents will sell, it just takes longer and costs the seller significantly more in days on market, stress and equity. 



Three certainties on agents and companies:



1. Agents that focus on your property and success are are generating marketing plans that span the spectrum for your home, not "viral" social media featuring themselves. 



2. New construction agents, are rarely good at selling existing. The two buying experiences are like apples and oranges, you need an agent that knows this.



3. There are two types of sales: aspirational and value, if your agent is asking for a price reduction you're a value sale.

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